NESR Files 6-K with Q3 2024 Financial Data

TL;DR

NESR dropped its Q3 2024 financials on 11/19 - check the balance sheet for the latest numbers.

AI Summary

National Energy Services Reunited Corp. (NESR) filed a 6-K report on November 19, 2024, detailing financial information as of September 30, 2024. The filing includes balance sheet data for various periods, such as common stock and additional paid-in capital, accumulated other comprehensive income, and retained earnings for fiscal years ending December 31, 2023, and 2022, as well as for interim periods in 2024 and 2023.

Why It Matters

This filing provides investors with updated financial statements for National Energy Services Reunited Corp., allowing for an assessment of the company's financial health and performance trends.

Risk Assessment

Risk Level: low — This is a routine financial filing (6-K) that provides updated financial data, not a material event like an acquisition or significant operational change.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The latest date for which financial data is provided in this filing.)
• 2024-11-19 — Filing Date (The date the 6-K report was submitted to the SEC.)

Key Players & Entities

• National Energy Services Reunited Corp. (company) — Filer of the report
• NESR (company) — Abbreviation for the filing company

FAQ

Key Financial Figures

• $ — in this Periodic Report to "dollars," "$," or "US$" are to U.S. dollars, which i

Filing Documents

• form6-k.htm (6-K) — 865KB
• 0001493152-24-046653.txt ( ) — 4419KB
• nesr-20240930.xsd (EX-101.SCH) — 37KB
• nesr-20240930_cal.xml (EX-101.CAL) — 57KB
• nesr-20240930_def.xml (EX-101.DEF) — 86KB
• nesr-20240930_lab.xml (EX-101.LAB) — 277KB
• nesr-20240930_pre.xml (EX-101.PRE) — 197KB
• form6-k_htm.xml (XML) — 736KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 3 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS 3 UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS 4 UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME 5 UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF SHAREHOLDERS' EQUITY 6 UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS 7 NOTES TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 8 1. BASIS OF PRESENTATION 8 2. CONDENSED CONSOLIDATED INTERIM SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 9 3. ACCOUNTS RECEIVABLE 10 4. SERVICE INVENTORIES 10 5. PROPERTY, PLANT, & EQUIPMENT 11 6. DEBT 11 7. INCOME TAXES 13 8. COMMITMENTS AND CONTINGENCIES 13 9. EARNINGS PER SHARE 14 10. REPORTABLE SEGMENTS 16 Cautionary Note Regarding Forward-Looking Statements 18

OPERATING AND FINANCIAL REVIEW

ITEM 2. OPERATING AND FINANCIAL REVIEW 20

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30

INTERNAL CONTROLS AND PROCEDURES

ITEM 4. INTERNAL CONTROLS AND PROCEDURES 31

- OTHER INFORMATION

PART II - OTHER INFORMATION 33

Legal Proceedings

Item 1. Legal Proceedings. 33

Risk Factors

Item 1A. Risk Factors. 33 1 FINANCIAL INFORMATION AND CURRENCY OF FINANCIAL STATEMENTS The unaudited condensed consolidated interim financial statements included in Part 1, Item 1, "Financial Statements (Unaudited)" of this Periodic Report have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). Unless otherwise indicated, all references in this Periodic Report to "dollars," "$," or "US$" are to U.S. dollars, which is the reporting currency of the unaudited condensed consolidated interim financial statements. 2 PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In US$ thousands, except share data) September 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 118,169 67,821 Accounts receivable, net (Note 3) 132,549 171,269 Unbilled revenue 141,857 95,997 Service inventories (Note 4) 100,018 98,434 Prepaid assets 15,988 9,238 Retention withholdings 23,204 48,419 Other receivables 31,765 39,778 Other current assets 13,604 10,759 Total current assets 577,154 541,715 Non-current assets Property, plant and equipment, net (Note 5) 425,133 442,666 Intangible assets, net 70,349 84,304 Goodwill 645,095 645,095 Operating lease right-of-use assets 27,672 31,628 Other assets 57,445 52,332 Total assets $ 1,802,848 $ 1,797,740 Liabilities and equity Liabilities Accounts payable and accrued expenses 350,582 351,240 Current installments of long-term debt (Note 6) 70,546 71,744 Short-term borrowings (Note 6) 54,587 48,889 Income taxes payable (Note 7) 2,331 8,421 Other taxes payable 5,434 14,674 Operating lease liabilities 5,971 7,406 Other current liabilities 33,770 31,073 Total current liabilities 523,221 533,447 Long-term debt (Note 6) 284

View Full Filing

View this 6-K filing on SEC EDGAR